Industrial production increased 0.7% in April (Briefing.com consensus +0.6%) on the heels of an upwardly revised 0.7% increase (from 0.5%) in March, marking its third straight monthly increase.
The capacity utilization rate increased to 78.0% (Briefing.com consensus 78.4%) from a downwardly revised 77.6% (from 78.0%) in March.
Manufacturing output, driven by gains for durables and nondurables, rose 0.5% after being unchanged in March
Mining output, bolstered by further gains in the oil and gas sector, jumped 1.1% following a 0.8% increase in March
Utilities output, supported by strong heating demand, increased 1.9% on the heels of a 6.1% increase in March
On a year-over-year basis, industrial production increased 3.5%. The capacity utilization rate in April was 1.8 percentage points below its long-run average.
Industrial production was revised down for December, January, and February
The key takeaway from the report is that the April increase was fueled by increased output across all three major industry groups.| APR | MAR | FEB | JAN | DEC | |
|---|---|---|---|---|---|
| Industrial Production | |||||
| Total Index | 0.7% | 0.7% | 0.4% | -0.4% | 0.4% |
| Manufacturing | 0.5% | 0.0% | 1.4% | -0.6% | -0.1% |
| Utilities | 1.9% | 6.1% | -9.6% | 2.1% | 3.2% |
| Mining | 1.1% | 0.8% | 2.8% | -1.0% | 1.1% |
| Capacity Utilization | |||||
| Total Industry | 78.0% | 77.6% | 77.1% | 76.9% | 77.3% |
| Manufacturing | 75.8% | 75.5% | 75.6% | 74.6% | 75.1% |
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